BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The total will be posted to cash as debit, and the cash general ledger account number is the posting reference.
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The total is posted rather than the individual items an account number is entered as a posting reference.
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The total will not be posted and there will be no posting reference.
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None of these.
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Detailed explanation-1: -Q. The end-of-the-month balance in Belgium cash receipt journal “Sundry Account” column is P25, 250. How will the column be posted and what is the posting reference will be entered? The total will be posted to cash as debit, and the cash general ledger account number is the posting reference.
Detailed explanation-2: -Accounts Receivable Column: This column is where cash is recorded when received from customers.
Detailed explanation-3: -Posting the Bank Column to the General Ledger Because Cash is an asset, and assets increase on the debit side, you will post the Total Receipts amount to the Bank Account of the General Ledger on the Debit side. Notice how the folio number CRJ1 (Cash Receipt Journal page 1) is entered.
Detailed explanation-4: -A cash receipts journal is a record of financial transactions that includes bank deposits and withdrawals as well as all cash payments and receipts. The general ledger account is then updated with the cash receipts journal entries. A cash receipts journal is also known as a specialised accounting journal.
Detailed explanation-5: -The cash receipts journal is used to record all transactions involving the receipt of cash, including transactions such as cash sales, the receipt of a bank loan, the receipt of a payment on account, and the sale of other assets such as marketable securities.